Things Every Rental Property Investor Should Know About 1031 Tax Exchanges

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As a rental property owner, you understand the importance of diversifying your income with multiple properties. You may have even been thinking about selling some of your existing properties to get a return on your investment while the market is pricing high. After all, selling your existing properties while the market is high gives you an opportunity to recognize a significant gain on your investment. With that gain comes capital gains tax.

28 September 2021

How Tax Preparation Services Can Make Life Easier

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If you need to prepare your personal or businesses tax information to submit to the IRS, a tax preparation service professional can be hired to do the work instead. There are many tax preparation professionals who possess the qualifications to prepare all tax forms accurately so that all the correct information is submitted, and choosing the right representative from a reputable tax preparation company can alleviate many of your worries. Here are just some ways that tax preparation services can make your life easier.

19 July 2021

4 Reasons Why Hiring Tax Consultants Is a Sound Business Decision

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If you are a business owner, tax is a mandatory responsibility you must meet. Your company must comply with all federal government policies when it comes to remitting business taxes. Unfortunately, the process of preparing tax reports can be a tiresome endeavor. This process involves balancing and calculations, which must be precise to allow for precision and accuracy. Here is where tax consultancy comes in to assist. Tax consultants are highly trained, qualified, and experienced professionals when it comes to tax laws.

17 May 2021

Declaring Bankruptcy? 5 Reasons To Consult A Tax Preparer Now

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Bankruptcy affects many aspects of your financial life, including your income taxes. This means that working with your tax preparer as a team before and during bankruptcy is a must. Here are a few reasons to talk to your tax preparer about any bankruptcy plans. 1. You Must File Old Returns If you aren't up to date on all your current and prior year taxes, now is the time to get current.

16 March 2021

What To Do If You Forgot To Track Your Business Deducations Last Year

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As a small business owner, you have to play a lot of different roles, and when you're busy managing a team, finding new clients, perfecting your offerings, and handling everything else, bookkeeping can fall by the wayside.  Unfortunately, if you don't devote some time to bookkeeping, you may arrive at tax time and not know what your deductions are, but luckily, there are steps you can take to mitigate this issue.

9 March 2021

3 Reasons Prudent Business Owners Invest In Tax Planning Services

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Whether big or small, you are required to pay taxes. Taxes play a significant role when it comes to government activities, such as government-sponsored projects. As a result, everyone enjoys better schools and hospital facilities. Despite all these advantages, taxes can significantly reduce your company's profit, especially if you don't understand the tax laws. Fortunately, tax planning services can help reduce the amount payable. Keep in mind that understanding laws can help lower your tax, so you don't have to break the law to reduce the tax burden.

18 February 2021

5 Smart Ways To Lower Your Tax Bill

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If you make an income, you are going to have to pay taxes. Tax season is just starting, which means it is time to sit down and make sure you are taking the necessary steps to reduce your tax bill. You need to pay your taxes, but there is no reason for you to overpay your taxes. 1. Contribute to Your 401(k) If you want to lower your tax bills, you need to make sure you contribute to your 401(k).

26 January 2021

Who Should (and Shouldn't) Represent You Before the IRS?

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Do you need to appear before an agent of the IRS? The prospect is disconcerting even for the calmest taxpayer. One of the biggest aids you can get at this time is someone to represent you when you have to work in person (or even through other communication) with the IRS. The question is, who should be that representation? Here are a few choices and what may affect your decision to have them represent you.

18 January 2021

4 Ways To Simplify Tax Preparation When You're Self-Employed

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With nearly one-third of the American workforce currently classified as "self-employed," many newly independent contractors find themselves feeling stressed about the upcoming tax season. If this is your first time filing taxes as a self-employed individual, you might be wondering where to begin. Fortunately, there are some steps you can start taking now to make tax preparation a lot easier down the road. Keep a Running Spreadsheet When you're self-employed, you're also responsible for calculating your own tax responsibilities because you don't technically have an employer to automatically deduct your taxes from your paycheck.

10 December 2020

5 Important Reasons To Resolve Old Tax Debt Before Retiring

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Are you considering retirement but still have outstanding tax debt? Then now is the time to resolve it. Why is this so important now? Here are five of the most compelling reasons.  1. Retirement Withdrawals May Be Seized Generally, retirement accounts are not subject to seizure by the IRS or during bankruptcy. But once you begin to withdraw from these accounts, they become your income rather than a protected asset. This opens them to use by the IRS to pay outstanding debts, depending on your particular circumstances.

3 November 2020